After more than 40 years of establishing trade relations. Japan is currently Vietnam’s leading economic and trade partner. Two-way trade between the two countries is expected to reach 60 billion USD in 2020.
According to statistics, import-export turnover between Vietnam and Japan in the past 10 years has always achieved an average growth of 13.9% / year. If in 2006, two-way trade turnover reached US $ 9.93 billion, it has now reached about US $ 30 billion.

Data from the General Department of Vietnam Customs shows that in 2016 alone, Vietnam’s exports to the Japanese market reached nearly $ 14.68 billion. Japan became Vietnam’s second largest export market after the United States.

Cảng Tomakomai - Nhật Bản

Port Tomakomai – JapanTextile and garment products are the key products with the largest export turnover to Japan, followed by the group of transport vehicles and spare parts; machinery, wood equipment and wood products.

Vietnam – Japan trade: with expected to reach 60 billion USD – By 2020

The structure of goods of Japan and Vietnam is complementary and does not compete with each other.

Answering in the press, Mr. Nguyen Trung Dung, Vietnam Commercial Counselor in Japan said that Vietnam-Japan trade turnover could reach a new height by a series of measures to promote Bilateral trade and investment relations have been discussed and agreed by leaders of the two countries.

According to Dung, the structure of goods of Japan and Vietnam is complementary and does not compete with each other.

Japan is a big trade deficit of aquatic products, consumer industrial products such as textiles, footwear, and processed food, while Vietnam has an absolute competitive advantage in these products. In contrast, Vietnam imports from Japan machinery, equipment, technology and raw materials for production.

In order to increase exports to the potential Japanese market, especially after the Vietnam-Japan FTA officially came into effect, Mr. Le An Hai, Deputy Director of the Asia-Pacific Market Department. recommend businesses to invest appropriately to improve business capacity, monitor export quality standards.

Along with that, it is necessary to actively carry out trade promotion to better exploit opportunities from the Japanese market and make full use of the advantages of the Agreements.

Meanwhile, some trade experts say that enterprises must equip themselves with the capacity to operate effectively in the business environment of the market economy. Therefore, businesses need to start right now by developing and implementing effective business strategies based on the analysis and appreciation of strengths, weaknesses, opportunities and challenges. of the current business and the destination to be reached.

Cảng Nagasaky - Nhật Bản
Nagasaki Port – Japan

For exporters, the implementation of an export marketing strategy to Japan is the first thing to consider. According to experts, this is a prerequisite for a sustainable export to Japan market as well as contributing to promoting the two countries’ strong trade relations in the coming time.

Not only trade, investment is also considered a promising area of ​​cooperation between Vietnam and Japan.

By the end of December 2016, Japanese investors invested 3,280 direct investment projects in Vietnam, with a total registered capital of US $ 42.05 billion, accounting for 14.3% of total investment capital. foreign direct in Vietnam. With the above results, Japan ranked 2nd among 116 countries and territories having investment projects in Vietnam.

According to a recent survey of Japanese enterprises by the Asian Nikkei Review, 53% of Japanese enterprises named Vietnam in their investment plans, up 5% compared to the previous year. . This shows that Vietnam continues to be the leading choice of Japanese enterprises in ASEAN.

Japanese businesses rated Vietnam as one of the most attractive markets for investment and trade. Therefore, businesses will continue to promote investment in Vietnam in the coming time, in which they are interested in infrastructure, agriculture, industry and component manufacturing.

Cảng Hải Phòng - Việt Nam
Hai Phong Port – Vietnam